London’s Camden Market owner sets out stall for £1.5bn sale
The sprawling London estate of Camden Market has been put up for sale by its owner, Israeli gambling software tycoon, Teddy Sagi, through LabTech, one of his investment vehicles.
Sagi began buying into the 16 acre estate in 2014 when he bought Stables Market, which includes a number of crafts, fashion and food stalls, for £400 million.
Subscribe to TRBHe then bought Camden Lock Market, comprised mainly of arts and crafts stalls, from Brockton Capital for around £80 million. The trio of market acquisitions was completed with the purchase of the 26,000 sq ft Buck Street Market, now reconstructed from 88 recycled shipping containers. Sagi added a number of nearby office buildings to the mix.
Under Sagi’s ownership, a number of small independent traders in the market have disappeared, to be replaced with bigger commercial brands and businesses.
The billionaire attempted to sell the destination in 2019, when he reportedly hoped to fetch around £1 billion, but the process was stalled by the pandemic outbreak. The sales brochure at the time said that the estate could generate over £72 million in annual rent income.
Mr Sagi is reportedly worth £4.4 billion after he founded a gambling software developer in 1999 and is hoping to see offers as high as £1.5bn for the market.
LabTech has appointed merchant bankers Rothschild & Coto seek out potential buyers.
